Michaels Stores post 41% jump in Q1 profit

SAN FRANCISCO (CBS.MW) -- Michaels Stores
MIK, +0.94%
reported late Wednesday first-quarter earnings of $29.3 million, or 42 cents a share, vs. $20.8 million, or 30 cents a share, a year ago, above analysts' earnings expectations of 37 cents a share. The home decoration retailer said sales were $725.9 million, up from $656.4 million last year. Michaels forecast a per-share second-quarter earnings increase of 10 percent to 15 percent and a full-year per-share profit increase of 15 percent to 20 percent above $2.54 a share a year ago. Michaels expects third-quarter earnings per share to rise by 15-20 percent, while fourh-quarter earnings could increase by 10-15 percent. Michaels also said it expects same-store sales to be up 3 percent to 5 percent in each of the next three quarters, with same-store sales up by the same percentage range for the full-year. Michaels closed down 95 cents to $46.70 ahead of the announcement.

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